'I haven't opened a bank statement in six months': Millions avoid their finances in head-in-the sand Britain

Millions of Britons are turning a blind eye to their finances as they avoid opening bank statements and remain unaware of how much leaves their accounts each month.

Large sums are being wasted each year by people who fail to cancel Direct Debit payments for services they no longer need, according to research by MoneySupermarket.

Meanwhile Barclays has found that more than a third of account holders are ‘burying their heads in the sand’ by refusing to open their bank statements.

Hit and hope: Jenny Williams says she does not like her level of spending rubbed in her face through bank statements.

'I HOPE AND PRAY THAT I DON'T SPEND TOO MUCH MONEY'

The feeling of having her spending ‘rubbed in her face’ has stopped Jenny Williams from checking her bank account for at least six months.

The 27-year-old from Dalston, London, works in affiliate marketing and admits she is one of the millions across the country who does not know how much money she has in her account.

Along with rent and travel, she lists her main expenses as holidays, a bit of clothes shopping and eating out at least a few times a week.

But she finds a record of her spending too depressing a prospect to endure, and instead 'hopes and prays' she does not spend too much as to enter her overdraft.

She said: 'I don't like having how much I'm spending on food and travel right in my face. Also you'd think logging on to check your bank statements would be easier but it's such a pain.

'Come around Christmas time I will do a check to see how much I've got as that's when my spending goes into overdrive.

'I don’t think I need to see my statement. It's so easy to be spending money with credit cards and Direct Debit so everything pays its way automatically and I already know how much I'm spending.'

Thirty-eight per cent of respondents to
the MoneySupermarket survey said they do not know how much money leaves
their account each month.

With many admitting they fear the state of their finances, MoneySupermarket’s head of banking Kevin Mountford has urged people to at least review their Direct Debits, with six per cent of survey respondents saying they had seen a payment they had forgotten about.

He said: ‘Every penny counts right now, especially as we’re heading into a costly festive season and many people may be looking for ways to get a cash boost in time for Christmas.

‘Checking all outgoings and making sure you are not paying for products and services you no longer use is an easy step to do just that.

'You should have a clear idea of what is coming in and going out of your account each month – spend five minutes looking at statements and identifying any mysterious payments you don’t recognise.’

Can't handle the truth: Millions of Britons avoid their bank statements as they fear their finances

Meanwhile, checking bank statements appears to be a less enticing prospect to young adults than going to the dentist, according to the Barclays research. It found 55 per cent of 18 to 24-year-olds admitting they put off opening their statements compared to the 48 per cent of people nationally who avoid booking dental appointments.

Eighteen per cent of account holders admit to being too afraid to look, with seven per cent in denial about their money issues as they ‘like to pretend their finances are fine’.

Just under a third of people revealed that they had gone to make a purchase without being sure they had enough money in their account to complete the transaction, with slightly more women doing this than men.

Londoners are more likely to check their bank statements, with only a quarter saying they skip it; but those living in Scotland are the most likely to avoid statements, with 44 per cent saying they leave them unopened.

MoneySupermarket has advised anyone cancelling Direct Debits to speak to their provider first to ensure they are not charged a fee by their bank if the provider tries to claim the money once it has been cancelled.